Arkansas Insurance Commissioner Julie Benafield Bowman announced a decrease in workers’ compensation rates effective July 1, 2008.
Since the passage of an all-encompassing workers’ compensation legislative reform package in 1993, along with the implementation of high workplace standards and aggressive health and safety programs, Arkansas has experienced a steady decline in workers’ compensation costs. Including this year’s 12.8 percent decrease, rates currently are approximately 52 percent lower than in 1995, resulting in millions of dollars of savings for Arkansas employers.
Despite the overall decline in premium rates, statewide premium volume has grown since 2001, indicating that wages and employment have also grown during this period.
These factors, since the mid-1990s, demonstrate the importance of focusing on long-term goals and investing in communities and citizens to continue efforts to attract industry and create jobs.
Commissioner Bowman credited all constituencies including workers, employers, legislators, and regulators for this progress.
Source: Arkansas Insurance Department
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